This is general information.
To determine the proper
choice for your particular
situation you must consult
with your attorney,
legal advisor and/or financial
advisor(s).
|
Tenancy
in Common
|
Joint
Tenancy |
Community
Property
|
Community
Property W/ Right of
Survivorship
|
|
PARTIES
|
| Any
number of persons. (can
be husband & wife.)
|
Any
number of persons.
|
Only
husband and wife.
|
Only
husband and wife.
|
|
DIVISION
|
| Ownerships
can be divided into
any number of interests
equal or unequal.
|
Ownership
interests must be equal.
|
Ownership
interests are equal.
|
Ownership
and management are equal.
|
|
TITLE
|
| Each
co-owner has a separate
legal title to his undivided
interest. |
There
is only one title to
the whole property.
|
Title
is in the "community".
Each interest is separate
but management is unified.
|
Each
interest is separate
but management is unified.
|
|
POSSESSION
|
| Equal
right of possession.
|
Equal
right of possession.
|
Equal
right of possession.
|
Husband
and wife have equal
management and control.
|
|
CONVEYANCE
|
| Each
co-owner's interest
may be conveyed separately
by its owner.
|
Conveyance
by one co-owner without
the others breaks the
joint tenancy.
|
Both
co-owners must join
on conveyance of real
property. Separate interest
cannot be conveyed.
|
Separate
interest cannot be conveyed
without consent of spouse.
Upon death survivor
can convey full title
with proper affidavit.
|
|
PURCHASER'S
STATUS
|
| Purchaser
will become a tenant
in common with the other
co-owners in the property.
|
Purchaser
will become a tenant
in common with the other
co-owners in the property.
|
Purchaser
can only acquire whole
title of community:
cannot cannot acquire
a part of it.
|
Can
only acquire as husband
and wife and must express
(in deed) the intent
to acquire title with
"right of survivorship".
|
|
DEATH
|
| On
co-owner's death, his
interest passes by will
to his devisees or heirs.
No right of survivorship.
|
On
co-owner's death, his
interests end and cannot
be disposed of by will.
Survivor owns the property
by rights of survivorship.
|
On
co-owner's death 1/2
belongs to survivor
in severalty 1/2 goes
by will to descendant's
devisees or by succession
to survivor.
|
By
affidavit death of spouse
for right of survivorship,
spouse gains full title.
|
|
CREDITOR'S RIGHTS
|
| Co-owner's
interest may be sold
on execution sale to
satisfy his creditor.
Creditor becomes a tenant
in common |
Co-owner's
interest may be sold
on execution sale to
satisfy creditor. Joint
tenancy is broken, creditor
becomes tenant in common.
|
Co-owner's
interest cannot be seized
and sold separately.
The whole property may
be sold on execution
sale to satisfy creditor.
|
Co-owner's
interest cannot be seized
and sold separately.
The whole property may
be sold on execution
sale to satisfy creditor.
|
